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We all know that having a second residency can be a great thing, as it gives you the optionality in life.
You can live in another country, open bank accounts, potentially save on taxes, and even work your way up towards another citizenship.
But is it always so positive? Or are there some dark sides to a second residency?
Well, believe it or not having a second residency can even be dangerous in some places, especially if you’re well off!
Today we are talking about safety risks in some places, that you as a wealthy foreigner may have.
When doing business with banks, they often appear professional – shiny offices, well dressed and well-spoken staff, procedures, compliance, etc.
But do you think that your personal information is safe with them in every country in the world? There is a human factor, and this is where your safety may slip through the cracks.
If you’re a big fish in some bank in Mexico, for example, people will talk. Soon enough criminals can find out about you, and guess what can happen? There can be a risk of kidnapping. We are not making this information up – stuff like this happened in the past.
What if you’re a crypto guy you wonder?
We’ve got the warning when going to crypto conferences in Colombia (and some other countries) not to mention our industry to anyone, including the hotel staff. Why? They can tell someone and that someone may want to take advantage of you.
In the case of crypto, this can be super easy. They can put a gun on your head and make you tell your secret phrase – this way they can take everything you own and this is irreversible.
So, being deemed rich in some countries can cost you everything, even your life in some cases.
We often talk about moving abroad, and enjoying what we may not have in our country of origin.
However, if you don’t have safety in your new country everything else becomes useless. What’s the point of moving abroad if you can’t live freely without the stress of being kidnapped or killed? It may sound cool to walk around with bodyguards but in reality, if your well-being is jeopardized little else matters.
Who are we and what do we do?
We are Offshore Citizen team. We help people become global: get a second passport, set up a second residency, pay less taxes, do banking abroad, etc.
We have lots of interesting articles on different topics, we have relevant information up to date.
Author: Michael Rosmer
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